Navitus Plasma
20. November 2015
20. November 2015



San Carlos Solar Energy I A

Project Special Purpose Vehicle (SPV) San Carlos Solar Energy Inc.
  • San Carlos Ecozone (Agro-Industrial Economic Zone), Barangay Palampas & Punao, San Carlos City, Province of Negros Occidental, Philippines
  • Coordinates: 10 30 56 N, 123 26 7 E
Technical Specifications
  • 13 MWp DC ground-mounted solar plant
  • Project site: 200,000 m²
  • Solar irradiation at project site: 1,871 kWh/m²/year (PV Syst)
  • Grid connection: To an existing 69 kV substation, 70 m away
Reach of Electricity Supply 30.000 people
New permanent jobs 12 in the plant
  • Solar Panels: Conergy (Germany)
  • Mounting Systems: Mounting Systems (Germany)
  • Inverters: SMA Solar Technology (Germany)
  • Monitoring System: Hensel (Germany)
  • Cables and Wires: General Cable (USA), Philflex (Philippines
  • Spaced Aerial Cables: Bangkok Cable (Thailand)
  • Junction Boxes, Optical Cables, Connectors and Tool Boxes: Huber+Suhner (Switzerland)
  • Transformers: Schneider Electric (France)
General Contractor (EPC)
  • Conergy Asia & ME Pte. Ltd. (EP: Engineering, Procurement)
  • SJR Industrial Construction (Construction - groundworks and foundations)
  • Schema Konsult, Inc. (Construction - electrical works and erection)
Operations & Maintenance Conergy Asia & ME Pte. Ltd.
Owner‘s Engineer Syntegra Solar International AG
Electricity Offtake Counterparty
  • Interconnection Agreement with National Grid Corporation
  • Renewable Energy Purchase Agreement with National Transmission Corporation (Administrator of the government backed Feed-in Tarif Fund)
Credit Rating Electricity Offtake Counterparty
  • Standard & Poor´s: BBB with stable outlook
  • Moody‘s: Baa2 with positive outlook
  • Fitch: BBB- with stable outlook
Specifications of the Power Purchase Agreement Statutorily guaranteed feed-in-tariff rate of PHP 9.68 (USD 0.16) per kWh plus an annual escalation in electricity prices to account for inflation and exchange rate fluctuations. The rate has been set and approved for 20 years by the Government‘s Energy Regulatory Commission.
Third party guarantees additional to the market standard warranties provided by suppliers, manufacturers and EPCs Unconditional, irrevocable bank guarantee (Performance Ratio Guarantee) with a maturity of 5 years plus a rolling 5 years after any single drawdown of Commerzbank AG for the amount of USD 654,000, structured as a CFD (contract for difference) which guarantees the difference between contracted revenue and actual energy production of the plant.
Project Insurance Coverage (amount insured) Industrial All Risks Insurance covering all risks of sudden or accidental loss or damage to the insured property including loss or damage by earthquake, flood or windstorm, accidental breakdown of machinery and/or explosion and/or collapse of pressure vessels (USD 20.8 million) and loss of gross earnings resulting from interruption of business caused by damage to or destruction of insured property (USD 2.2 million). Insured property includes modules, inverters, transformers, buildings, and all others within the walled property owned by the insured San Carlos Solar Energy Inc.
Insurer (coverage ratio) Malayan Insurance (40%), Charter Ping An Insurance (30%), UCPB General Insurance (25%) and Mapfre Insular Insurance (5%)
Status In full commercial operation since May 2014

Status: 31.03.2015

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